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The Dominant Currency Financing Channel of External Adjustment
Casas, Camila; Meleshchuk, Sergii; Timmer, Yannick - 2023
to higher delinquencies and interest rates, while exports are unaffected. Natural and financial hedging successfully mute … switching channel. Pricing exports in the dominant vs. producer currency mutes the effect of DCF on trade. …
Persistent link: https://www.econbiz.de/10014377488
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Terms of trade, catch-up, and home market effect: the example of Japan
Urban, Dieter M. - 2007
This paper explores theoretically and empirically the long run relation of the terms of trade (ratio of domestic and foreign prices of traded manufacturing goods) and economic growth of a pair of industrialized countries, one of which experiences a major catch-up process towards the other. It is...
Persistent link: https://www.econbiz.de/10010264264
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The Real Exchange Rate in the Long Run: Balassa-Samuelson Effects Reconsidered
Bordo, Michael D.; Choudhri, Ehsan U.; Fazio, Giorgio; … - 2014
Historical data for over hundred years and 14 countries is used to estimate the long-run effect of productivity on the real exchange rate. We find large variations in the productivity effect across four distinct monetary regimes in the sample period. Although the traditional Balassa-Samuelson...
Persistent link: https://www.econbiz.de/10010398573
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Uncertainty and Hyperinflation: European Inflation Dynamics after World War I
Lopez, Jose A.; Mitchener, Kris James - 2018
Fiscal deficits, elevated debt-to-GDP ratios, and high inflation rates suggest hyperinflation could have potentially emerged in many European countries after World War I. We demonstrate that economic policy uncertainty was instrumental in pushing a subset of European countries into...
Persistent link: https://www.econbiz.de/10011872123
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Intervening against the Fed
Rodnyansky, Alexander; Timmer, Yannick; Yago, Naoki - 2023
This paper studies the spillovers of US monetary policy and the mitigating role of foreign exchange interventions (FXI) by combining deviations from a daily FXI policy rule with high-frequency US monetary policy shocks, daily exchange rates, and firm-level stock prices, as well as firm-level...
Persistent link: https://www.econbiz.de/10014377549
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Trade and Currency Weapons
Benassy-Quere, Agnes; Bussière, Matthieu; Wibaux, Pauline - 2018
The debate on trade wars and currency wars has re-emerged since the Great recession of 2009. We study the two forms of non-cooperative policies within a single framework. First, we compare the elasticity of trade flows to import tariffs and to the real exchange rate, based on product level data...
Persistent link: https://www.econbiz.de/10011887372
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Quality and the Great Trade Collapse
Chen, Natalie; Juvenal, Luciana - 2015
. Combining a dataset of Argentinean firm-level destination-specific wine exports with quality ratings, we show that higher … quality exports grew faster before the crisis, but this trend reversed during the recession. Quantitatively, the effect is … large: up to nine percentage points difference in trade performance can be explained by the quality composition of exports …
Persistent link: https://www.econbiz.de/10011388266
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Exchange Rate Volatility, Financial Constraints and Trade: Empirical Evidence from Chinese Firms
Héricourt, Jérôme; Poncet, Sandra - 2013
This paper studies how firm-level export performance is affected by Real Exchange Rate (RER) volatility and investigates whether this effect depends on existing financial constraints. Our empirical analysis relies on export data for more than 100,000 Chinese exporters over the 2000-2006 period....
Persistent link: https://www.econbiz.de/10010317055
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Vehicle Currency Pricing and Exchange Rate Pass-Through
Chen, Natalie; Chung, Wanyu; Novy, Dennis - 2019
Using detailed firm-level transactions data for UK imports, we find that invoicing in a vehicle currency is pervasive, with more than half of transactions in our sample invoiced in neither sterling nor the exporter’s currency. We then study the relationship between invoicing currency choices...
Persistent link: https://www.econbiz.de/10012052801
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Vehicle Currency Pricing and Exchange Rate Pass-Through
Chen, Natalie - 2019
Using detailed firm-level transactions data for UK imports, we find that invoicing in a vehicle currency is pervasive, with more than half of transactions in our sample invoiced in neither sterling nor the exporter’s currency. We then study the relationship between invoicing currency...
Persistent link: https://www.econbiz.de/10012867016